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How To Safeguard Yourself Against Unemployment

Despite the economies of the world adding thousands of jobs each month to the labor market, there are still vulnerabilities in the economy, companies downsizing their operations and high rates of unemployment. In other words, most workers have to equip themselves with the threat of joblessness.

Being unemployed is one of the worst things in the world as it deteriorates one’s standard of living and can leave a person depressed and dependent on the government for welfare and employment insurance. No matter what line of work a person may be in, nobody is immune from being fired or let go.

All kinds of age groups and demographics are suffering from high levels of unemployment, especially millennials, which account for 40 percent of the unemployed in the United States today. Although college graduates may have a better chance of gaining employment, everyone is susceptible to being out of work.

The experience doesn’t necessarily have to be a disastrous one if the proper measures are instituted and actions are taken to ensure the effects of unemployment aren’t maximized.

Here are six steps to take to safeguard yourself against unemployment:

Budgeting & Saving

In today’s economy, it’s important that households start living within their means. If you have yet to establish a budget then start creating one immediately. List your income, expenses, liabilities, assets and other important financial details. Once you determine how much you earn and how much you spend then figure out what you can cut and how much more you can save.

Financial experts always recommend that everyone should save at least 10 percent of their income. With today’s labor market and rising cost of living that number should be increased to 15 percent. Always find ways to save more than you do now through both good times and bad.

Other Work

If you have a feeling that the company you are employed by is going down the tubes then start seeking out other sources of income. This means that perhaps you should attain a part-time job or temporary employment to offset any losses you may incur in the event of losing your full-time job. It would be prudent to already have another job lined up if you lose your full-time occupation.

Other Work Part II

Do you have a knack for writing, editing, translating or graphic designing? Then why not consider becoming a freelancer? Freelancing is becoming one of the most popular methods of earning passive income or even a lucrative living. There are plenty of websites to find work, including Elance, oDesk, Craig’s List and Freelance Writing Gigs. Open up a WordPress website, create a portfolio, outline your experience and compile a list of prices for your services.

A Better Employee

Yes, the corporate culture isn’t the greatest – who can stare at a cubicle wall all day? However, if you’re the last one to arrive at work and the first one to leave then you should modify your behavior immediately.

Instead of taking extra breaks, complaining about the job to colleagues and handing in mistake-laden work, start doing the opposite: work through your lunch once in a while, ask your manager if you can take on additional, harder work and stay late for a few minutes a couple of times per week.

Skills

The world is constantly changing and the new global economy is expecting greater skills than just knowing how to type, operate Microsoft Word and tweeting. Rather than heading to the sofa when you arrive in the door, explore continuing education institutions and courses, figure out what skills are in demand right now and be on the lookout for labor shortages. If you have skills that are a hot commodity then your unemployment will be short lasting.

Resume

Human resource managers spend only a few seconds looking at a resume. If you’re unemployed then be sure that your resume is up-to-date, interesting and detailed to ensure that a hiring professional takes longer than just a few seconds perusing it. Begin to assess various resume templates, use proper spelling and grammar, be unique in highlighting your experience and don’t fib.

We all go through unemployment at least once or twice in our lifetime. It’s a part of adulthood so it shouldn’t get you down, deter from searching for employment or make you feel like a failure. By incorporating these measures, you’ll safeguard yourself from the effects of joblessness and perhaps enhance your own career opportunities.

Have you been unemployed before? Tell us about your experience in the comment section.